America Online is wrapping up a deal in which the online giant will gain exclusive access to SonyBMG’s music videos for its online video-on-demand service, The Post has learned.

Sources say AOL could pay SonyBMG in excess of $25 million in the deal.

While the two sides have agreed in principle on the deal, they still need to work out the major details.

These include how much exclusivity SonyBMG’s chief Andy Lack wants to give, and exactly how much AOL will pay for it, said sources close to the deal.

Representatives for AOL and SonyBMG declined comment.

For SonyBMG, the deal represents a departure from what other music companies are doing in the growing field of music videos on-demand.

Other music labels have been looking to ink non-exclusive pacts with online companies, such as AOL, Yahoo! and MSN, that gives the record companies flat fees or a cut of advertising revenue.

Grabbing a share of the video-on-demand pie is likely to mean millions in extra revenue for the ailing music industry.

Earlier this year Universal Music – the world’s largest record company – led the way in trying to turn online music videos into revenue generators when it instutued a new policy demanding payments for videos.

The music industry has long regretted its decision in the 1980s to essentially provide videos to MTV for a nominal licensing fee.

Many in the industry say that decision allowed MTV to build a multi-billion dollar business on the backs of what was basically free content from the music industry.

This time around, the industry was not willing to accept online videos as merely promotional.

In April, AOL – whose users stream over 1 billion music videos per year, second only to Yahoo! – announced that it reached non-exclusive pacts with Warner Music Group and Universal.

The SonyBMG deal is likely to only add to AOL Music’s growing importance within the music industry.

As outlets such as MTV – which has come under sharp criticism from the labels for reducing the airtime on videos – and radio become less important as promotional tools, record labels have been turning to online outlets like AOL and Yahoo! to market and promote new music and artists.

About 22 million users visit AOL Music each month, with about five million of those being non-AOL subscribers. Advertisers are also starting to take notice – AOL Music recently inked a $5 million sponsorship deal with Chevy, its most significant ad deal to date.